US$3bn CDB Loan: Ghana duped!

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DR. KWABENA ASANTE 11 years ago

I am really shocked by this revelation from Bature. Honestly speaking, if this is a true story, then l can say with all confidence that our present government lacks the knowledge of governance. What? How on earth do we contin ...
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I am really shocked by this revelation from Bature. Honestly speaking, if this is a true story, then l can say with all confidence that our present government lacks the knowledge of governance. What? How on earth do we continue to pay for full charges of a loan that has not been fully disbursed? Oh NDC! Nsem pii.
Osei Yaw Akoto 11 years ago

Loot and share government, the president is part of this dubious scheme

Loot and share government, the president is part of this dubious scheme
Fox Bat 11 years ago

Al Haji's nonsense. This finance minister is a very competent economist,one of best and who would have foreseen the supposed boil-over.This is a typical Al-Haji story that noneone should lose a sleep over.

Al Haji's nonsense. This finance minister is a very competent economist,one of best and who would have foreseen the supposed boil-over.This is a typical Al-Haji story that noneone should lose a sleep over.
The 11 years ago

Alhaji Bature don't blame this apparent fiancial loss to the state on illigal mining action government took against the Chinese in Ghana. The truth is NDC is useless and stubborn, if they had listened to the opposition NPP in ...
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Alhaji Bature don't blame this apparent fiancial loss to the state on illigal mining action government took against the Chinese in Ghana. The truth is NDC is useless and stubborn, if they had listened to the opposition NPP in parliament, this loss could have been avoided. Some people must face the law with financial loss to the state charge, otherwise the NDC will never learn, they will keep taken useless decisions and actions and Ghana will always be the looser.
K.K 11 years ago

This is what happens when we have northern educated illiterates as leaders of the country. Very soon, the entire country will be sold, thanks to Atuguba. There is time for everything and when that time comes there will be no ...
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This is what happens when we have northern educated illiterates as leaders of the country. Very soon, the entire country will be sold, thanks to Atuguba. There is time for everything and when that time comes there will be no mercy for any one. At least Tsatsu was lucky to have one. There will be no more.
insight to the bone 11 years ago

we have pointed out that most of the projects are half baked scams designed only for the benefit of the Chinese and ndc thieves so we have made it clear they can go ahead and give the money but we shall NEVER pay. The future ...
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we have pointed out that most of the projects are half baked scams designed only for the benefit of the Chinese and ndc thieves so we have made it clear they can go ahead and give the money but we shall NEVER pay. The future is ours and we know what is needed , Ghana belongs to the Akans , not chinese , not indians , lebanese or what have yous
basoah george 11 years ago

IS THIS A TRUE STORY? HMMMMM? Even China is marching on Ghana now.NDC ???

IS THIS A TRUE STORY? HMMMMM? Even China is marching on Ghana now.NDC ???
JOBLINKS 11 years ago

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WAITRESSES
WAITERS
COOKS,
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consider 11 years ago

what kind nonsense is this? chinese never have anything good in their mind about others. they only look for means to steal,cheat,copy and exploit others to satisfy their greedy stinky people. we said these many many times, yo ...
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what kind nonsense is this? chinese never have anything good in their mind about others. they only look for means to steal,cheat,copy and exploit others to satisfy their greedy stinky people. we said these many many times, you silly greedy motherfucker african leaders, go on messing up the land. idiots
Onba Nyansani Baako Pe In Ghana 11 years ago

Now, l want those idiots to come and defend this thief president so called John Dramani Mahama a murderer. He is too much corrupt. Mahama is like a black cobra everywhere there is a corruption you can smell this opepeni presi ...
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Now, l want those idiots to come and defend this thief president so called John Dramani Mahama a murderer. He is too much corrupt. Mahama is like a black cobra everywhere there is a corruption you can smell this opepeni president, Ghana needs to sacrifice this foolish man including the okwasea mu pani gyato JJ Rawlings. Now, l have shared my opinion and those idiots who support NDC and Mahama's administration should come and tackle me. I am ready to meet them today.

ATSU, HO 11 years ago

IF WE HAVE COMPETENT PEROFESSIONALS NEGOTIATING ON BEHALF OF THE STATE WE CAN AVOID SOME OF THESE MISHAPS. I AM SAD TO READ THIS ARTICLE BECUASE WE HAVE WHAT IT TAKE TO DO THINGS RIGHT IN THIS COUNTRY. MAY GOD HELP US

IF WE HAVE COMPETENT PEROFESSIONALS NEGOTIATING ON BEHALF OF THE STATE WE CAN AVOID SOME OF THESE MISHAPS. I AM SAD TO READ THIS ARTICLE BECUASE WE HAVE WHAT IT TAKE TO DO THINGS RIGHT IN THIS COUNTRY. MAY GOD HELP US
Negotiating skills, Just illiterates! 11 years ago

Promise Ghanaian leaders a loan to boast his economy and also cover up their incompetence and they will rush to sign the document without due consideration to terms of the loan.
I have talked to couple of Ghanaian economist ...
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Promise Ghanaian leaders a loan to boast his economy and also cover up their incompetence and they will rush to sign the document without due consideration to terms of the loan.
I have talked to couple of Ghanaian economist about sourcing funds for Ghanaian projects and came to realize our leaders lacked contractual sense and negotiating skills.
Moment they hear about the loan amount, their mind focus on commission rates and their take home pay without even thinking about how to pay the loan back.
If this case is true to the best of writer's knowledge and the Chinese will come with such terms for our authorities to sign. Why wouldn't our authorities draw contingencies upon which such fees should be paid to the Chinese authorities.
Make sure that any delay in releasing promised funds to Ghanaian authorities should also have adverse effect in paying the commitment fees.
That even said, under what circumstances should a country borrow money and pay fees about a quarter of the loan amount before the loan could be serviced. This is a loose a loose deal and our leaders must find ways and means to nullify this contract.
To my utter dismay, the loan is tied to the economy and not the leadership. Thus if even our leader dies our kids have to payback this stupid loan.
It's about time we elect human being that think about the future prosperity of the nation, not their now pocket and it's a shame, whoever sign this loan contract must be arrested and prosecuted. I do not care, if even it was signed by the NPP administration. Politics aside, the right thing must be done for the Nation, not individuals who steal and just splurge.
Joe de Blasio 11 years ago

“If the Chinese have through their delays cunningly got Ghana to pay about USD100m in three years on only USD600m, then how much would our struggling economy cough-out if and when the whole USD3bn is disbursed?” A technoc ...
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“If the Chinese have through their delays cunningly got Ghana to pay about USD100m in three years on only USD600m, then how much would our struggling economy cough-out if and when the whole USD3bn is disbursed?” A technocrat from Ghana’s Ministry of Finance told this paper on condition of anonymity.
consider 11 years ago

why taking things from demons? chinese people are very satanic and demonic,why taking things from them to Christian ghana?

why taking things from demons? chinese people are very satanic and demonic,why taking things from them to Christian ghana?
abongo 11 years ago

My brother, if you know how some of us are ready for you these Ashantis, u will not come and talk rubbish on Ghana web forum We are praying for that day to come and tell you what there will be no hiding place for you in your ...
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My brother, if you know how some of us are ready for you these Ashantis, u will not come and talk rubbish on Ghana web forum We are praying for that day to come and tell you what there will be no hiding place for you in your forest
Bold 11 years ago

Do not allow yourself to be fooled by other tribes faking to be Ashanti. Ashantis are well brought up and don't do stuff like this. This KK fool is not an Ashanti.

Do not allow yourself to be fooled by other tribes faking to be Ashanti. Ashantis are well brought up and don't do stuff like this. This KK fool is not an Ashanti.
Don Blunt 11 years ago

I am sad for such a statement from a GHANAIAN(?)
Please forgive, but never forget this, so that noone is trapped into repeating such foolishness

I am sad for such a statement from a GHANAIAN(?)
Please forgive, but never forget this, so that noone is trapped into repeating such foolishness
Sintim 11 years ago

I do not like what that KK wrote but yours is the peak of stupidity,ready for who,what are you waiting for,just bring it on and stop yowling like your mad dog leader and you find out that you`ll be the one who will need a pla ...
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I do not like what that KK wrote but yours is the peak of stupidity,ready for who,what are you waiting for,just bring it on and stop yowling like your mad dog leader and you find out that you`ll be the one who will need a place to hide, abongo my foot.
Yaw 11 years ago

This is so unfair K.K. We are discussing about Ghana don't tribalise it. If we do that the substance of the discussion is lost and we begin to insult ourselves. Let's judge people by what they do and not the tribe they belong ...
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This is so unfair K.K. We are discussing about Ghana don't tribalise it. If we do that the substance of the discussion is lost and we begin to insult ourselves. Let's judge people by what they do and not the tribe they belong to. Please grow up.
Don Blunt 11 years ago

Sorry, but withdraw your first sentence, and apologise for such thoughtless utterings

Sorry, but withdraw your first sentence, and apologise for such thoughtless utterings

Kwame Dokyi 11 years ago

It is so sad that this centurion party has never shredded its pedigree of threats, vindictiveness, and violence, vicious and unsubstantiated accusations against their opponents. I wonder why they cannot fathom that such viole ...
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It is so sad that this centurion party has never shredded its pedigree of threats, vindictiveness, and violence, vicious and unsubstantiated accusations against their opponents. I wonder why they cannot fathom that such violent threats scare Ghanaians, as peaceful as we are! This is the cardinal reason why NPP would invest colossal campaign money only to end up in the “gallows”!! This ethnocentric and hate infested party must learn to promote peace, self-restraint and favorable paternal affiliation!!
consider 11 years ago

satanic never gives free of charge...when they are molesting us in china, no work for us even when we marry,we have no nothing...no visa for us,,even those on visa must go back home to renew visa for 1 week stay here. when t ...
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satanic never gives free of charge...when they are molesting us in china, no work for us even when we marry,we have no nothing...no visa for us,,even those on visa must go back home to renew visa for 1 week stay here. when they lend money to africa, they attach their illegal immigrants to go steal in ghana without facing prosecution,, when ghana arrest and deport them, they refuse to release the money,, you see the satan china ghana is dealing with?
SGT ANANI FIADZOE 11 years ago

No NDC Government thinks of our country's well being when NDC so-called politicians robs the conscience of the majority people of this country.

NDC was formed through barrels of guns
and has got no political brains to ad ...
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No NDC Government thinks of our country's well being when NDC so-called politicians robs the conscience of the majority people of this country.

NDC was formed through barrels of guns
and has got no political brains to administer a nation, but very clever
in thievery, deceitful, lies, dishonesty and the highest degree of
incompetency.

Any NDC supporter does not want to hear truth, see transparency, accountability, probity and social justice. NDC ARE ONLY THIEVES AND NOTHING ELSE.
Son of Ghana 11 years ago

Ghana has now been boaught by the Chinese for a paltry £3bn. This money will be the focus of the Chinese invasion of Ghana in 2040.

Ghana has now been boaught by the Chinese for a paltry £3bn. This money will be the focus of the Chinese invasion of Ghana in 2040.
Son of Ghana 11 years ago

Chinese takeover of Africa. They want to repopulate Africa with Chinese.

Chinese takeover of Africa. They want to repopulate Africa with Chinese.
Sethoo 11 years ago

Hahahaaa I can't stop laughing even though I am also affected,when the Chinese and Russians were giving us freebies we said they were fools,it is their time to dupe us after the British,French,USA etc have finished us.

Hahahaaa I can't stop laughing even though I am also affected,when the Chinese and Russians were giving us freebies we said they were fools,it is their time to dupe us after the British,French,USA etc have finished us.
Kofi Ata, Cambridge, UK 11 years ago

Dr Asante, the report is true. I posted an article on Ghanaweb on 29 August 2011 in which I said the terms and conditions of the loan agreement were such Ghana, it's either the agreement was in Chinese so the Ghanaian team co ...
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Dr Asante, the report is true. I posted an article on Ghanaweb on 29 August 2011 in which I said the terms and conditions of the loan agreement were such Ghana, it's either the agreement was in Chinese so the Ghanaian team could not understand it, they were drank or were bribed by their Chinese counterparts.

I posted another article on Monday on the same subject and suggested that, the Ghanaian team should have insisted on a payment schedule with a clause in the agreement stating that "Ghana shall not pay fees and interests if the release of the funds are delayed and China will pay compensation to Ghana for any increment in the cost of projects being undertaken with the loan as a result of the delay". Instead, either incompetency or corruption or both on the side of Ghanaian team has led to the Chinese getting away with murder.

China is taking Ghana for a ride but Ghanaians have themselves to blame for poor contract negotiating skills.
kingsley 11 years ago

Who drafted, or who negotiated for the said loans. Those incompetent personels who negotiated for these loans and contract should be outed for the ghananian public to know. So with all these lawyers, PHD's parading
in the co ...
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Who drafted, or who negotiated for the said loans. Those incompetent personels who negotiated for these loans and contract should be outed for the ghananian public to know. So with all these lawyers, PHD's parading
in the corridors of power,there is not even one with a sane mind to negotiate a contract. Ghana is going down the drain because of idiot with paper qualification setting the tone.
If the contract was in Chinese ,cant a whole country employ the service of a Chinese interpreter?.Oh is Ghana still the gate way to Africa ?or the gate way to Africa outhouse?.
Joe Mosi 11 years ago

MPEPEFUO AND AYIBOFUO IN CHARGE OF AFFAIRS, WHAT DO YOU EXPECT

MPEPEFUO AND AYIBOFUO IN CHARGE OF AFFAIRS, WHAT DO YOU EXPECT
EZEKIEL 11 years ago

It LOOKS as if Ghanaians CANNOT NEGOTIATE any international contract WELL and to the ADVANTAGE of Ghana !!
More painful is the fact that these people who put their signature BOAST of their PAPER DEGREES,astute Lawyer, Ace Bu ...
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It LOOKS as if Ghanaians CANNOT NEGOTIATE any international contract WELL and to the ADVANTAGE of Ghana !!
More painful is the fact that these people who put their signature BOAST of their PAPER DEGREES,astute Lawyer, Ace Businessman, Eminent Law Prof and what-have-you !!!WHY IS IT THAT WE ALWAYS HAVE THE SHORTER END OF THE ROPE ????????
Sometimes, I tend to believe that WE ARE JUST NOT CAPABLE.....with the fine print in the negotiations!!!!!
Please, just sign on the DOTTED LINE.......... and the IDIOTS SIGN and get their "brown envelop"!!
The "yours obedient servant FOOLS"!!!!

JJ 11 years ago

NPP TOLD THEM, BUT THEY DID NOT LISTEN.

NPP TOLD THEM, BUT THEY DID NOT LISTEN.
Kwabena Amoafo 11 years ago

This is the first time I have read "The Alhaj" on something very "logical" in reportage. If this new items is true then Government lacks the knowledge of governance. Hmmmm NDC government.

This is the first time I have read "The Alhaj" on something very "logical" in reportage. If this new items is true then Government lacks the knowledge of governance. Hmmmm NDC government.
moyo 11 years ago

The chinese must be kicked out of the continent. They are destroying everything. They can keep their money. Africa should look for alternative means of funding to our developmental needs.

The chinese must be kicked out of the continent. They are destroying everything. They can keep their money. Africa should look for alternative means of funding to our developmental needs.
kwame 11 years ago

they are worse than the slave traders

they are worse than the slave traders
ASARE 11 years ago

MUGABE ALL THE WAY. DEPENDENCY
MUST GO. YOU CANNOT EXPECT OTHERS
TO DEVELOP YOUR COUNTRY. THINK
BE RUTHLESS WITH ANY PARADING TO
HELP US. MUGABE ALL THE WAY

MUGABE ALL THE WAY. DEPENDENCY
MUST GO. YOU CANNOT EXPECT OTHERS
TO DEVELOP YOUR COUNTRY. THINK
BE RUTHLESS WITH ANY PARADING TO
HELP US. MUGABE ALL THE WAY
Nii Akwei 11 years ago

Does this ring a bell?

Does this ring a bell?
wallahi 11 years ago

The Chinese are not fools. They know when their money facilitates real estate deals in Dubai or elsewhere.

They also know what exactly takes place in our sleepy Ministries, which cannot put together technically efficient p ...
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The Chinese are not fools. They know when their money facilitates real estate deals in Dubai or elsewhere.

They also know what exactly takes place in our sleepy Ministries, which cannot put together technically efficient programmes which can be financed and completed. They are constantly fighting corruption and inefficiency in their own country and can see the signs of same a thousand miles off.

Al Hajj, if you are expecting Chinese money to come in and be funnelled to you and your kind by Mahama and those whose egoes you bloat with your flattery, then you will go hungry.'In fact, you wouldn't be writing this if the hunger hadn't started! You went quiet after the election, but suddenly you are back! Why? The Mahama promises are not just being unfulfilled. They CANNOT be fulfilled. Because the Chinese are as tough and crafty as they come. There is no aspect of corruption they are not familiar with, Alhajj! They sentence people like you to death for corruption in China. Did you know that? Political contractors and influence peddlers -- go and ask about what happens to them in China.

And you thought you could fool them in Ghana? Look at where they have left your fellow money-choppers hanging, with regard to the uncompleted section of the Accra-Kumase road. Has it occurred to you that this road exposes your NDC accomplices to and unbelievable tremendous ridicule, and yet the Chinese are not budging in their correct and absolutely legal demands for the tiny bits of the local counterpart financing package to be made available, before they complete it?

You can't see the writing on the wall, can you? They are using that uncompleted road to teach you a lesson. Everyone can see it, and ask:"why,why, oh why"?

But you people think the Chinese are fools? The Chinese work hard and efficiently for their money. Otherwise they wouldn't be richer than the USA in terms of foreign exchange reserves.You people thought you could use them to pretend that some serious development was going on in Ghana! They will make you pay through the nose -- both financially and also (more seriously) -- a political price which you never thought was possible.

Where has the Cedi gone, Alhaji? Go and ask your fellow money-changers!
Jafa 11 years ago

These Chinese are in to exploit, kill and destroy! Its amazing our politicians lead by Mahama still cannot see their tactics.

These Chinese are in to exploit, kill and destroy! Its amazing our politicians lead by Mahama still cannot see their tactics.
Jafa 11 years ago

These Chinese are in to exploit, kill and destroy! Its amazing our politicians led by Mahama still cannot see their tactics.

These Chinese are in to exploit, kill and destroy! Its amazing our politicians led by Mahama still cannot see their tactics.
Kwaw 11 years ago

The Wise men complained the haste with which the Fools in NDC were rushing to take this loan. We all remember the explanations they gave to Ghanaians. The loan was going to transform Ghana into a developed nation. The fools ...
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The Wise men complained the haste with which the Fools in NDC were rushing to take this loan. We all remember the explanations they gave to Ghanaians. The loan was going to transform Ghana into a developed nation. The fools even said the NPP and those who preached caution to the loan were rather envious of the achievement of the Government for being able to get the loan. This Mahama man is either incompetent or a fraud. Any major negotiation he has led has been a big disaster. I hope the story is not true, but if turns out to true then Ghana is finished.
By the way, where is Rawlings, the 'saint' who only sees the other side as corrupt and his side as clean. He can't talk because his belly is now full. We shall see.
kwame 11 years ago

whoever thought the chinese are in Africa to develop the continent they have fooled themselves. The europeans, the arabs and now the chinese they serve their own interest we are fools despite all our resource rich to be poor. ...
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whoever thought the chinese are in Africa to develop the continent they have fooled themselves. The europeans, the arabs and now the chinese they serve their own interest we are fools despite all our resource rich to be poor. The worst that is already happening is the Land grabbing. I don't understand my people if somebody takes your it is worse than slavery then you have nothing left.
Those who signed that contract should be hanged they are traitors worse thna the corrupt military and civilians.
JJ THE THIEF 11 years ago

ONLY STUPID GOVERNMENTS LOOT ALL THEY HAVE AND EXPECT OTHER COUNTRIES TO DEVELOP THEIR COUNTRIES FOR THEM. ONLY STUPID AFRICANS ALLOW THEMSELVES TO BE "SCRAMBLED" IN THE 21ST CENTURY WHEN EVERYBODY AND EVERY PART OF THE WORLD ...
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ONLY STUPID GOVERNMENTS LOOT ALL THEY HAVE AND EXPECT OTHER COUNTRIES TO DEVELOP THEIR COUNTRIES FOR THEM. ONLY STUPID AFRICANS ALLOW THEMSELVES TO BE "SCRAMBLED" IN THE 21ST CENTURY WHEN EVERYBODY AND EVERY PART OF THE WORLD IS WIDE AWAKE. WE HAVE A STUPIB AND LOOT-MINDED GOVERNMENT IN PLACE IN GHANA WHICH IS EAGER TO HELP FOREIGHNERS TO STEAL OUR MONEY AND RESOURCES SO THAT THEY WOULD HAVE THEIR SHARE. THAT IS WHAT HAPPENED WITH THE JUDGEMENT DEBTS, GYEEDA, SADA, SUBAH, WOYOME, STX, AND NOW THE CHINESE LOAN. THIEVES ARE IN CHARGE OF GHANA TODAY !!!!!!!
ROCKY 11 years ago

Only the N.D.C stupid fools will accept such an evil agreement. How on earth can a human being who is in his right senses succumd to such a suicidal and barbaric plan from his so-called development partners? Only the mentally ...
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Only the N.D.C stupid fools will accept such an evil agreement. How on earth can a human being who is in his right senses succumd to such a suicidal and barbaric plan from his so-called development partners? Only the mentally retarded, the primitive and the backward thinking fools from volta and and a handful cocoons from the north can do that. Thieeeves!!!
JJ THE MURDERER AND CORRUPT. 11 years ago

MAHAMA IS SELLING DONKOMI - CHEAP .

MAHAMA IS SELLING DONKOMI - CHEAP .
kofi 11 years ago

NDC IS EVER READY TO CONSPIRE WITH ANYBODY OR ENTITY TO DUPE GHANAIANS JUST LIKE ABLAKWA OKUDZETO FRONTED FOR AFRICA AUTO LTD TO SUE GHANA FOR 1.5 BN DOLLARS......NDC HELPED WOYOME, WATERVILE ISOFOTONE ETC ETC TO DUPE GHANA S ...
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NDC IS EVER READY TO CONSPIRE WITH ANYBODY OR ENTITY TO DUPE GHANAIANS JUST LIKE ABLAKWA OKUDZETO FRONTED FOR AFRICA AUTO LTD TO SUE GHANA FOR 1.5 BN DOLLARS......NDC HELPED WOYOME, WATERVILE ISOFOTONE ETC ETC TO DUPE GHANA SO WHY WONT THEY HELP THE CHINESE TO DUPE US.......NORTHERNERS VOTED FOR JOHN MAHAMA TO BETTER THIER LOT BUT IT IS THE OPPOSITE THAT HE IS DOING...CAUSING THEM MUCH MORE POVERTY AND WORRIES....ide biii kekekeke..
kofi 11 years ago

So far, Ghana has paid a cumulative amount of about USD100m to the Chinese for the disbursement of a paltry USD600m, a situation described as not only absurd, but nauseating by many experts who spoke to this paper on conditio ...
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So far, Ghana has paid a cumulative amount of about USD100m to the Chinese for the disbursement of a paltry USD600m, a situation described as not only absurd, but nauseating by many experts who spoke to this paper on condition of anonymity.
FGh 11 years ago

Just like every other big money corruption scheme this NDC administration has concocted (STX, Wayome, etc). the retarded General Mosquito and his cronies (the rabies babies, Ablakwa, felix, etc) will come out and blame the NP ...
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Just like every other big money corruption scheme this NDC administration has concocted (STX, Wayome, etc). the retarded General Mosquito and his cronies (the rabies babies, Ablakwa, felix, etc) will come out and blame the NPP for this. the sad thing is the uneducated lot will believe them. Oh Ghana, why have we sold our dignity? Almost 54 yrs ago, our country was a major force in liberating other African countries, now we are a laughing stock. smdh
joe 11 years ago

Obama and co know better

Obama and co know better
joe 11 years ago

Obama and co know better

Obama and co know better
joe 11 years ago

Obama and co know better

Obama and co know better
joe 11 years ago

Obama and co know better

Obama and co know better
joe 11 years ago

will kill ghanean economy seriously

will kill ghanean economy seriously
tala 11 years ago

Al Hajj newspaper says:

"... the Government of Ghana, which is still reeling under a struggling economy with serious deterioration in the fundamentals since last year, still has to cough-out a staggering USD30m annually to ...
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Al Hajj newspaper says:

"... the Government of Ghana, which is still reeling under a struggling economy with serious deterioration in the fundamentals since last year, still has to cough-out a staggering USD30m annually to pay the commitment fees to the Chinese in compliance with the clause that mandated the Ghanaian government to pay the said fees until the whole amount is fully disbursed."

Al-Hajj, did the Chinese bring one of their atomic bombs to threaten the Ghana Government that if it did not sign this onerous agreement, they would explode it at Black Star Square?
Why don't you go and ask your friends in the Government whether they understood the full implications of the agreement before they signed it?

AL Hajj newspaper: "So far, Ghana has paid a cumulative amount of about USD100m to the Chinese for the disbursement of a paltry USD600m, a situation described as not only absurd, but nauseating by many experts who spoke to this paper on condition of anonymity.""

Hahahahaha, Al Hajj. Where were these "experts" when the draft agreement was being drawn up? They were not given the agreement to study and analyse before signature? Now that it has come into operation, they can see the harmful effects? Who refused to show it to them at the draft stage, and why? Do you know that in some countries, such negligence, which indicates a failure to do due diligence, would cause big heads to roll? Isn't Mahama's clique supposed to be full of savvy businessmen? Where were they?

AL HAJJ NEWSPAPER: "This amount (paid by, or being demanded from Ghana) includes other charges and fees apart from the commitment fees that are to be paid annually until the whole amount is fully disbursed.Many experts The Al-Hajj spoke to over the weekend said the agreement is a sell-out, with the Ghanaian government at the receiving end of the Chinese manipulations and exploitative tendencies which is becoming prevalent in the developing world, making nonsense of the so-called South-South co-operation".

Dishonest paper. Every agreement is be4tween two or more contractual parties. You cannot excuse a bad agreement you have signed by claiming (a) that its terms are too harsh, when you had an opportunity to NEGOTIATE to change the terms and (2) that you were an ignoramus and so the harsh terms should not be insisted upon! You only define yourself as being totally unfit for acting in behalf of Ghana.
tala 11 years ago

Al Hajj newspaper says:

"... the Government of Ghana, which is still reeling under a struggling economy with serious deterioration in the fundamentals since last year, still has to cough-out a staggering USD30m annually to ...
read full comment

Al Hajj newspaper says:

"... the Government of Ghana, which is still reeling under a struggling economy with serious deterioration in the fundamentals since last year, still has to cough-out a staggering USD30m annually to pay the commitment fees to the Chinese in compliance with the clause that mandated the Ghanaian government to pay the said fees until the whole amount is fully disbursed."

Al-Hajj, did the Chinese bring one of their atomic bombs to threaten the Ghana Government that if it did not sign this onerous agreement, they would explode it at Black Star Square?
Why don't you go and ask your friends in the Government whether they understood the full implications of the agreement before they signed it?

AL Hajj newspaper: "So far, Ghana has paid a cumulative amount of about USD100m to the Chinese for the disbursement of a paltry USD600m, a situation described as not only absurd, but nauseating by many experts who spoke to this paper on condition of anonymity.""

Hahahahaha, Al Hajj. Where were these "experts" when the draft agreement was being drawn up? They were not given the agreement to study and analyse before signature? Now that it has come into operation, they can see the harmful effects? Who refused to show it to them at the draft stage, and why? Do you know that in some countries, such negligence, which indicates a failure to do due diligence, would cause big heads to roll? Isn't Mahama's clique supposed to be full of savvy businessmen? Where were they?

AL HAJJ NEWSPAPER: "This amount (paid by, or being demanded from Ghana) includes other charges and fees apart from the commitment fees that are to be paid annually until the whole amount is fully disbursed.Many experts The Al-Hajj spoke to over the weekend said the agreement is a sell-out, with the Ghanaian government at the receiving end of the Chinese manipulations and exploitative tendencies which is becoming prevalent in the developing world, making nonsense of the so-called South-South co-operation".

Dishonest paper. Every agreement is be4tween two or more contractual parties. You cannot excuse a bad agreement you have signed by claiming (a) that its terms are too harsh, when you had an opportunity to NEGOTIATE to change the terms and (2) that you were an ignoramus and so the harsh terms should not be insisted upon! You only define yourself as being totally unfit for acting in behalf of Ghana.
joe 11 years ago

Ghana faces more than serious problems! hmmm

Ghana faces more than serious problems! hmmm
KANE 11 years ago

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE ...
read full comment

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M

BUT US$100M PAID SO FAR, SAID AL HAJJ, WHICH REALLY DOES NOT ADD UP BECAUSE THIS IS YEAR 4 SINCE THE LOAN WAS CONTRACTED.

SO, INTEREST ON US$1B LOAN + PRINCIPAL
SAY, 10% SO WE DASH US$3.30B TO CDB

COLLATERALS ON LOAN - INCALCULABLE

DEFAULT FEES - INCALCULABLE
ADD UP JUST THE LOAN PRINCIPAL $3B+ 10% INTEEREST $0.30B + COMMITMENT FEES OF $1.20M

CDB NET PROFIT IN 3 YEARS = US$420M
(BASED ON THE ABOVE JSS MATHS)

WE DASHED WOYOME ALMOST US$50M, SO ADD THAT TO CDB PROFIT, AND YOU HAVE A WHOPPING US$470MILLION.

MY TAKE:

IF GHANA'S LEADERS ROLLED UP THEIR SLEEVES AND AGGRESSIVELY EXPLOITED GHANA'S NUMEROUS NATURAL RESOURCES WITH INTERNALLY GENERATED FUNDING, CAN'T WE SAVE THAT US$470MILLION FOR RETRO-FITTING AND EXPANDING JUST THE TEMA OIL REFINERY TO ADD VALUE TO GHANA'S DERISORY 10% SHARE OF OUR FPSO REFINED CRUDE OIL?

WHAT A COUNTRY AND ITS LEADERSHIP!!

AND, DO WE CALL THEM HIS/HER EXCELLENCIES AND HONOURABLES?

INDEED, GHANA'S LEADERSHIP IS TOTAL JOKE.

WHERE LIES GHANA'S LEADERS BRAINS, ACADEMIC DEGREES AND PROFESSIONAL COMPETENCE?
My Turn 11 years ago

It looks as if we are sub-standard human beings. I think we have a serious leadership crisis in Africa.Do these leaders think with their heads or their stomach? We complain of lack of money in this country every now and then, ...
read full comment

It looks as if we are sub-standard human beings. I think we have a serious leadership crisis in Africa.Do these leaders think with their heads or their stomach? We complain of lack of money in this country every now and then, yet we are able to dole huge sums of money to foreigners. Hmmm! What kind of human beings are we!
KANE 11 years ago

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE ...
read full comment

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M

BUT US$100M PAID SO FAR, SAID AL HAJJ, WHICH REALLY DOES NOT ADD UP BECAUSE THIS IS YEAR 4 SINCE THE LOAN WAS CONTRACTED.

SO, INTEREST ON US$1B LOAN + PRINCIPAL
SAY, 10% SO WE DASH US$3.30B TO CDB

COLLATERALS ON LOAN - INCALCULABLE

DEFAULT FEES - INCALCULABLE
ADD UP JUST THE LOAN PRINCIPAL $3B+ 10% INTEEREST $0.30B + COMMITMENT FEES OF $1.20M

CDB NET PROFIT IN 3 YEARS = US$420M
(BASED ON THE ABOVE JSS MATHS)

WE DASHED WOYOME ALMOST US$50M, SO ADD THAT TO CDB PROFIT, AND YOU HAVE A WHOPPING US$470MILLION.

MY TAKE:

IF GHANA'S LEADERS ROLLED UP THEIR SLEEVES AND AGGRESSIVELY EXPLOITED GHANA'S NUMEROUS NATURAL RESOURCES WITH INTERNALLY GENERATED FUNDING, CAN'T WE SAVE THAT US$470MILLION FOR RETRO-FITTING AND EXPANDING JUST THE TEMA OIL REFINERY TO ADD VALUE TO GHANA'S DERISORY 10% SHARE OF OUR FPSO REFINED CRUDE OIL?

WHAT A COUNTRY AND ITS LEADERSHIP!!

AND, DO WE CALL THEM HIS/HER EXCELLENCIES AND HONOURABLES?

INDEED, GHANA'S LEADERSHIP IS TOTAL JOKE.

WHERE LIES GHANA'S LEADERS BRAINS, ACADEMIC DEGREES AND PROFESSIONAL COMPETENCE?
KANE 11 years ago

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE ...
read full comment

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M

BUT US$100M PAID SO FAR, SAID AL HAJJ, WHICH REALLY DOES NOT ADD UP BECAUSE THIS IS YEAR 4 SINCE THE LOAN WAS CONTRACTED.

SO, INTEREST ON US$1B LOAN + PRINCIPAL
SAY, 10% SO WE DASH US$3.30B TO CDB

COLLATERALS ON LOAN - INCALCULABLE

DEFAULT FEES - INCALCULABLE
ADD UP JUST THE LOAN PRINCIPAL $3B+ 10% INTEEREST $0.30B + COMMITMENT FEES OF $1.20M

CDB NET PROFIT IN 3 YEARS = US$420M
(BASED ON THE ABOVE JSS MATHS)

WE DASHED WOYOME ALMOST US$50M, SO ADD THAT TO CDB PROFIT, AND YOU HAVE A WHOPPING US$470MILLION.

MY TAKE:

IF GHANA'S LEADERS ROLLED UP THEIR SLEEVES AND AGGRESSIVELY EXPLOITED GHANA'S NUMEROUS NATURAL RESOURCES WITH INTERNALLY GENERATED FUNDING, CAN'T WE SAVE THAT US$470MILLION FOR RETRO-FITTING AND EXPANDING JUST THE TEMA OIL REFINERY TO ADD VALUE TO GHANA'S DERISORY 10% SHARE OF OUR FPSO REFINED CRUDE OIL?

WHAT A COUNTRY AND ITS LEADERSHIP!!

AND, DO WE CALL THEM HIS/HER EXCELLENCIES AND HONOURABLES?

INDEED, GHANA'S LEADERSHIP IS TOTAL JOKE.

WHERE LIES GHANA'S LEADERS BRAINS, ACADEMIC DEGREES AND PROFESSIONAL COMPETENCE?
KANE 11 years ago

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE ...
read full comment

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M

BUT US$100M PAID SO FAR, SAID AL HAJJ, WHICH REALLY DOES NOT ADD UP BECAUSE THIS IS YEAR 4 SINCE THE LOAN WAS CONTRACTED.

SO, INTEREST ON US$1B LOAN + PRINCIPAL
SAY, 10% SO WE DASH US$3.30B TO CDB

COLLATERALS ON LOAN - INCALCULABLE

DEFAULT FEES - INCALCULABLE
ADD UP JUST THE LOAN PRINCIPAL $3B+ 10% INTEEREST $0.30B + COMMITMENT FEES OF $1.20M

CDB NET PROFIT IN 3 YEARS = US$420M
(BASED ON THE ABOVE JSS MATHS)

WE DASHED WOYOME ALMOST US$50M, SO ADD THAT TO CDB PROFIT, AND YOU HAVE A WHOPPING US$470MILLION.

MY TAKE:

IF GHANA'S LEADERS ROLLED UP THEIR SLEEVES AND AGGRESSIVELY EXPLOITED GHANA'S NUMEROUS NATURAL RESOURCES WITH INTERNALLY GENERATED FUNDING, CAN'T WE SAVE THAT US$470MILLION FOR RETRO-FITTING AND EXPANDING JUST THE TEMA OIL REFINERY TO ADD VALUE TO GHANA'S DERISORY 10% SHARE OF OUR FPSO REFINED CRUDE OIL?

WHAT A COUNTRY AND ITS LEADERSHIP!!

AND, DO WE CALL THEM HIS/HER EXCELLENCIES AND HONOURABLES?

INDEED, GHANA'S LEADERSHIP IS TOTAL JOKE.

WHERE LIES GHANA'S LEADERS BRAINS, ACADEMIC DEGREES AND PROFESSIONAL COMPETENCE?
KANE 11 years ago

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE ...
read full comment

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M

BUT US$100M PAID SO FAR, SAID AL HAJJ, WHICH REALLY DOES NOT ADD UP BECAUSE THIS IS YEAR 4 SINCE THE LOAN WAS CONTRACTED.

SO, INTEREST ON US$1B LOAN + PRINCIPAL
SAY, 10% SO WE DASH US$3.30B TO CDB

COLLATERALS ON LOAN - INCALCULABLE

DEFAULT FEES - INCALCULABLE
ADD UP JUST THE LOAN PRINCIPAL $3B+ 10% INTEEREST $0.30B + COMMITMENT FEES OF $1.20M

CDB NET PROFIT IN 3 YEARS = US$420M
(BASED ON THE ABOVE JSS MATHS)

WE DASHED WOYOME ALMOST US$50M, SO ADD THAT TO CDB PROFIT, AND YOU HAVE A WHOPPING US$470MILLION.

MY TAKE:

IF GHANA'S LEADERS ROLLED UP THEIR SLEEVES AND AGGRESSIVELY EXPLOITED GHANA'S NUMEROUS NATURAL RESOURCES WITH INTERNALLY GENERATED FUNDING, CAN'T WE SAVE THAT US$470MILLION FOR RETRO-FITTING AND EXPANDING JUST THE TEMA OIL REFINERY TO ADD VALUE TO GHANA'S DERISORY 10% SHARE OF OUR FPSO REFINED CRUDE OIL?

WHAT A COUNTRY AND ITS LEADERSHIP!!

AND, DO WE CALL THEM HIS/HER EXCELLENCIES AND HONOURABLES?

INDEED, GHANA'S LEADERSHIP IS TOTAL JOKE.

WHERE LIES GHANA'S LEADERS BRAINS, ACADEMIC DEGREES AND PROFESSIONAL COMPETENCE?
KANE 11 years ago

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE ...
read full comment

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M

BUT US$100M PAID SO FAR, SAID AL HAJJ, WHICH REALLY DOES NOT ADD UP BECAUSE THIS IS YEAR 4 SINCE THE LOAN WAS CONTRACTED.

SO, INTEREST ON US$1B LOAN + PRINCIPAL
SAY, 10% SO WE DASH US$3.30B TO CDB

COLLATERALS ON LOAN - INCALCULABLE

DEFAULT FEES - INCALCULABLE
ADD UP JUST THE LOAN PRINCIPAL $3B+ 10% INTEEREST $0.30B + COMMITMENT FEES OF $1.20M

CDB NET PROFIT IN 3 YEARS = US$420M
(BASED ON THE ABOVE JSS MATHS)

WE DASHED WOYOME ALMOST US$50M, SO ADD THAT TO CDB PROFIT, AND YOU HAVE A WHOPPING US$470MILLION.

MY TAKE:

IF GHANA'S LEADERS ROLLED UP THEIR SLEEVES AND AGGRESSIVELY EXPLOITED GHANA'S NUMEROUS NATURAL RESOURCES WITH INTERNALLY GENERATED FUNDING, CAN'T WE SAVE THAT US$470MILLION FOR RETRO-FITTING AND EXPANDING JUST THE TEMA OIL REFINERY TO ADD VALUE TO GHANA'S DERISORY 10% SHARE OF OUR FPSO REFINED CRUDE OIL?

WHAT A COUNTRY AND ITS LEADERSHIP!!

AND, DO WE CALL THEM HIS/HER EXCELLENCIES AND HONOURABLES?

INDEED, GHANA'S LEADERSHIP IS TOTAL JOKE.

WHERE LIES GHANA'S LEADERS BRAINS, ACADEMIC DEGREES AND PROFESSIONAL COMPETENCE?
KANE 11 years ago

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE ...
read full comment

OK, LET'S DO SOME COMMONSENSE JSS MATHEMATICS HERE AS FOLLOWS:

THE US$1BILLION LOAN WOULD HAVE BEEN DISBURSED IN THREE TRANCHES AS FOLLOWS:

COMMITMENT FEES
TRANCHE 1 = US$.33B, WE DASH US$30M
TRANCHE 2 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M
TRANCHE 3 = US$.33B, WE DASH US$30M

BUT US$100M PAID SO FAR, SAID AL HAJJ, WHICH REALLY DOES NOT ADD UP BECAUSE THIS IS YEAR 4 SINCE THE LOAN WAS CONTRACTED.

SO, INTEREST ON US$1B LOAN + PRINCIPAL
SAY, 10% SO WE DASH US$3.30B TO CDB

COLLATERALS ON LOAN - INCALCULABLE

DEFAULT FEES - INCALCULABLE
ADD UP JUST THE LOAN PRINCIPAL $3B+ 10% INTEEREST $0.30B + COMMITMENT FEES OF $1.20M

CDB NET PROFIT IN 3 YEARS = US$420M
(BASED ON THE ABOVE JSS MATHS)

WE DASHED WOYOME ALMOST US$50M, SO ADD THAT TO CDB PROFIT, AND YOU HAVE A WHOPPING US$470MILLION.

MY TAKE:

IF GHANA'S LEADERS ROLLED UP THEIR SLEEVES AND AGGRESSIVELY EXPLOITED GHANA'S NUMEROUS NATURAL RESOURCES WITH INTERNALLY GENERATED FUNDING, CAN'T WE SAVE THAT US$470MILLION FOR RETRO-FITTING AND EXPANDING JUST THE TEMA OIL REFINERY TO ADD VALUE TO GHANA'S DERISORY 10% SHARE OF OUR FPSO REFINED CRUDE OIL?

WHAT A COUNTRY AND ITS LEADERSHIP!!

AND, DO WE CALL THEM HIS/HER EXCELLENCIES AND HONOURABLES?

INDEED, GHANA'S LEADERSHIP IS TOTAL JOKE.

WHERE LIES GHANA'S LEADERS BRAINS, ACADEMIC DEGREES AND PROFESSIONAL COMPETENCE?

LYNCH THAT PRESIDENT SITTING THERE, INCLUDING SETH TERKPER AND ALL THOSE GHANAIANS WHO TOOK PART IN THIS FRAUDULENT LOAN AND OTHER SENSELESS JUDGMENT DEBTS PAYMENT AGREEMENTS WITH THE REPUBLIC OF GHANA!!!!!

THERE MUST BE SOMETHING SERIOUSLY WRONG WITH THE BRAINS OF GHANA'S SUCCESSIVE LEADERS.
Adorkenu 11 years ago

Who on earth sign this agreement for Ghana.
The trap was set and we just blindly fall in.Their delay tatic is helping them drain our economy.

Who on earth sign this agreement for Ghana.
The trap was set and we just blindly fall in.Their delay tatic is helping them drain our economy.
EZEKIEL 11 years ago

IF this story has ANY THUTH in it, Ghana must go to the INTERNATIONAL COURT for clarification!In ALL , we have TOO MANY "FIRES"(foreign Loans) burning SIMULTANEOUSLY with NO COMPETENCE to MONITOR them!!
When shall we START S ...
read full comment

IF this story has ANY THUTH in it, Ghana must go to the INTERNATIONAL COURT for clarification!In ALL , we have TOO MANY "FIRES"(foreign Loans) burning SIMULTANEOUSLY with NO COMPETENCE to MONITOR them!!
When shall we START SHOOTING or HANGING the THIEVES who put Ghana in SUCH SITUATIONS ?????????
GREEDY BASTARDS 11 years ago

This is what happens whe the Government of a country chooses to loot every dollar the country generates and expect other countries to bring their taxpayers' money to develop the looted country. This is the story of Ghana unde ...
read full comment

This is what happens whe the Government of a country chooses to loot every dollar the country generates and expect other countries to bring their taxpayers' money to develop the looted country. This is the story of Ghana under the current NDC Administration after five years in power. They were quick to claim credit for the buoyant economy and new oil finds they inherited from the previous Administration, and come election 2012, they asked for votes on the basis of the "booming economy" they claimed to have put in place. Just a year later, and five years into their rule, they increase taxes, fuel prices and utility charges, and begin blaming the previous Government for their economic failures. This is the Government that has sold Ghana to the Chinese for the pitiable sum of US$3 billion which they could easily realize from Ghana's own resources but for their looting and stealing ways. The Chinese are not fools to give the NDC Government Chinese taxpayers' money at no cost when they see what this Government is doing to the monies realized from Ghanaian taxpayers and the sale of the nation's resources. All of Mahama's promises for 2014 will fail because the looting continues, and the Chinese loan will be long in coming.
BEN, US 11 years ago

Greed, selfishness, and inferiority complex are the diseases affecting our so called educated elites. How could our lawyers, Phds etc not read not fine print of the loan agreement. This a shame. Unfortunately, it is the very ...
read full comment

Greed, selfishness, and inferiority complex are the diseases affecting our so called educated elites. How could our lawyers, Phds etc not read not fine print of the loan agreement. This a shame. Unfortunately, it is the very poor Ghanaian who would have to suffer the economic consequences of such a mess!
NDC THIEVES 11 years ago

Ben, address this question to Our incompetent President and sycophantic NDC Members of Parliament. Ask them why they refused to listen when the NPP Parliamentarians drew attention to the loopholes in the Chinese loan Agreemen ...
read full comment

Ben, address this question to Our incompetent President and sycophantic NDC Members of Parliament. Ask them why they refused to listen when the NPP Parliamentarians drew attention to the loopholes in the Chinese loan Agreement. These are the people ruling Kwamw Nkrumah's Ghana today !
OKOE 11 years ago

IT IS SAD THAT GHANA HAD TO BORROW IN ORDER TO UNDERTAKE ANY DEVELOPMENT PROJECTS. GHANAIANS ARE TO UNDERSTAND THAT HE WHO PAYS THE PIPER CALLS THE TUNE. I MUST HERE SAY THAT THE CHINESE HAVE NO RESPECT FOR YOU MR. PRESIDENT. ...
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IT IS SAD THAT GHANA HAD TO BORROW IN ORDER TO UNDERTAKE ANY DEVELOPMENT PROJECTS. GHANAIANS ARE TO UNDERSTAND THAT HE WHO PAYS THE PIPER CALLS THE TUNE. I MUST HERE SAY THAT THE CHINESE HAVE NO RESPECT FOR YOU MR. PRESIDENT. DOES ANYONE TELL ME IF ANYONE WHO YOU OWE MONEY EVER RESPECTS YOU. TELL ME. WE ARE SELLING OUR PRIDE. DR. NKRUMAH SAID "WE PREFER SELF GOVERNMENT WITH DANGER THAN SERVITUDE IN TRANQUILITY." PLEASE, BORROW FROM INTERNATIONAL FORUM OTHER THAN THE CHINESE. WE ARE GRADUALLY SELLING OUR SOVEREIGNTY. LET US CUT OUR COAT ACCORDING TO OUR CLOTH. ROME WAS NOT BUILT IN A DAY. USE OUR RESOURCES TO DO WHAT WE CAN. MR. PRESIDENT, YOU CAN BUILD A CASTLE WITH BORROWED MONEY AND WOULD NOT GET MY RESPECT. WHY THREE BILLION. PLEASE, LET US CRAWL BEFORE WE WALK. WE ARE SELLING OUR PRIDE TO THESE CHINESE BECAUSE WE ARE CRYING FOR THEIR MONEY AND THEY ARE SNUBBING US. IT IS ENOUGH.
alan 11 years ago

Mr Oko,
Thou protesteth too much. It isn't that the Chinese don't respect us. The simple3 fact is that if you have corrupt motives, you make terrible mistakes.

This agreement should have been cleared by an inter-Minister ...
read full comment

Mr Oko,
Thou protesteth too much. It isn't that the Chinese don't respect us. The simple3 fact is that if you have corrupt motives, you make terrible mistakes.

This agreement should have been cleared by an inter-Ministerial committee, then submitted to the whole Cabinet, and if approved, sent to Parliament. Scrutiny of its terms in those processes could have pinpointed some of the worst aspects of the agreement, which Bature is now lamenting.

Why were the processes not gone through as thoroughly as required? because w necessary? Because money was being taken out of the national exchequer to build an election war=chest and foreign loans were needed URGENTLY to cover up the budget deficit that looting for election purposes was creating. Also, of course, people were stocking up with cash in Dubai and Turkey, Switzerland no longer being a reliable banker.

The Ghanaian proverb says, ""If you swear an oath into a hole, it comes out eventually!" Look who is laying bare the facts that the NDC wouldn't let the Opposition examine in Parliament? Alhaji Bature if Al-Hajj newspaper of all people!

Another proverb says, "The sheep thinks it's fouling the street when it defecates on it. But the sheep forgets that the turds will stream down its own tail before reaching the ground!" Mahama and Co. thought they were playing good politics with the Chinese loan -- as they did with the Korean non-loan! But who is crying WAAH! WAAAH! now? Well, who do you think briefed Alhaji Bature to write this story, which contains good economic language not usually associated with the illiterate mutterings of this fellow with a bastardised command of the Queen's English?
ATOTOBOTOM MAHAMA 11 years ago

USELESS MAHAMA IS CORRUPT,SOLD HIS PRIDE,WE HAVE NO RESPECT FOR HIM,MAHAMA IS GREEDY BASTARD PERIOD

USELESS MAHAMA IS CORRUPT,SOLD HIS PRIDE,WE HAVE NO RESPECT FOR HIM,MAHAMA IS GREEDY BASTARD PERIOD
concern ghanaian 11 years ago

WE`RE DYING ALREADY SO STOP TAKING LOAN

WE`RE DYING ALREADY SO STOP TAKING LOAN
km agyin 11 years ago

This is what we get when we court crooks as bed fellows. Our governments corruption prevents us from benefiting from western aid. The US and the West will ask for accountability and transparency from our governments before gi ...
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This is what we get when we court crooks as bed fellows. Our governments corruption prevents us from benefiting from western aid. The US and the West will ask for accountability and transparency from our governments before giving aid and our governments do not want to be responsible so they go for Chinese money who will not ask for any of the above but rather help you to be more corrupt. Let us embrace Obama's new policies towards Africa 'POWER AFRICA, TRADE AFRICA' Let us dump the Chinese. Our future does not lie with China. Why do we allow ourselves to be swindled all the time?
ACCRAMAN 11 years ago

With all the education Ghanaians receive in the West, they cannot decipher the intricate traps set up in the written fine prints of contracts. The Bank of Ghana, Ministry of Finance, School of Business Administration (Legon), ...
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With all the education Ghanaians receive in the West, they cannot decipher the intricate traps set up in the written fine prints of contracts. The Bank of Ghana, Ministry of Finance, School of Business Administration (Legon), GIMPA, UoG Law School and presumably the Project Management Organization (PMO) if it exists at all at the Presidency or ministries, has not been able to detect what the chinese are about to do with the terms of this loan to cripple our nation. It is pathetic, to say the least.

What do these politicians with all their education from the Western World do to help the nation of Ghana. What are the so-called experts doing to help Ghana. WHY DID THEY SIGN THE LOAN AGREEMENT IF THEY CANNOT COMPLY WITH THE TERMS OF THE CONTRACT. Why can't all these experts sit down to scrutinize the contract terms and find any traps in the "fine print" which is probably now biting us in the backside.

An astute and robust project management organization or office (PMO)should immediately be set up to oversee all government run contracts. This body should consist of the best Contract Law professionals. Maybe they already have such a body but I don't think they do. How can we allow ourselves to be dribbled by chinese professionals, it is a disgrace. How can we claim to have all the big degrees from Europe and the Americas and have these chines cloud our memory with contract law, it just beats my imagination.

Probably, our officials are working for themselves and not the country Ghana. The attitude must be Ghana first before yourself. We must instill patriotism and honesty in Ghanaians if we want to go forward and make Ghana a better place for us all, now and coming generations. It's just pathetic and nothing less. We are just about 28 million and why can't we progress as a people with the amount of resources and wealth we claim to have. Do we have to sell the country to the white colonial masters to realize our dream? May God help us.

Mr PhD, Dr, Chief, Honorable, Nana, Chairman, big degree holders, etc, what are you doing for Ghana.
EKANI 11 years ago

MR ACCRAMAN,
I sympathise with your anger. 100 percent.

Do you know that in the 1960s, this same Ghana was able to negotiate so competently with the US Government, the World Bank, Kaiser Engineers and other internation ...
read full comment

MR ACCRAMAN,
I sympathise with your anger. 100 percent.

Do you know that in the 1960s, this same Ghana was able to negotiate so competently with the US Government, the World Bank, Kaiser Engineers and other international financiers on the loan for the Akosombo Dam/VALCO complex that Kaiser was obliged to resort to underhand "007" tactics before managing to buy -- apparently at Paris airport -- a microfilm copy of Ghana's position paper, which Kaiser then used to make Ghana an offer it could not refuse? This was in relation to the price to be paid per unit of power supplied to Valco. Even with its purloined copy of Ghana's position, Kaiser could not move Ghana away from inserting a clause that the power agreement would be reviewed within a specified number of years.

In those days, your PH.D holders and professional accountants had no inferiority complex. They realised that having passed the same exams -- whether at home or abroad -- as the World Bank,AID, IFC, State Dept and Kaiser "experts" with whom they were negotiating, they should suddenly transform themselves into nincompoops at the negotiating table. Where they lacked expertise, the bought it on the international market -- such expertise is offered by reputable "consultancies" for a fee.

Had there not been the treachery from World Bank officials, who were more loyal to the interests of US capital than to international co-operation, the Volta River Dam Master Agreement would have been something that Ghana could proudly have presented to the developing world as an example of ow to use knowledge acquired from the West to protect yourself from Western predatory capitalists.

Today's degree holders do nit READ; they do not RESEARCH; they do not listen to the history of their own country from the actors who were involved in building it from the group up.

Stomachs full. SUVs available with free petrol. Nice girls with beguiling smiles and fat bottoms, looking fir $1 million aqs a target.

And when the Chinese show you what knowledge is to be used for, you cry?
Bature, those Ghanaian intellectuals you rubbished during the election campaign, would they have done what you now say your companions have done to Ghana?
EKANI 11 years ago

Sorry, this sentence is too important not to amend it: (CAPITALS SHOW WHAT WAS OMITTED)

"In those days, your Ph.D holders and professional accountants had no inferiority complex. They realised that having passed the same ...
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Sorry, this sentence is too important not to amend it: (CAPITALS SHOW WHAT WAS OMITTED)

"In those days, your Ph.D holders and professional accountants had no inferiority complex. They realised that having passed the same exams -- whether at home or abroad -- as the World Bank,AID, IFC, State Dept and Kaiser "experts" with whom they were negotiating, THERE WAS NO REASON WHY they should suddenly transform themselves into nincompoops at the negotiating table".

Please pardon other typos. Time is short!
Vodoo Xebieso 11 years ago

If this is true, then Ghana is done for.

If this is true, then Ghana is done for.
Yaw Adu-Asare 11 years ago

We learn new lessons from experiences in international relations. Hopefully we will not repeat our decision-making flaws in the future.

We know better how the Chinese operate.

We learn new lessons from experiences in international relations. Hopefully we will not repeat our decision-making flaws in the future.

We know better how the Chinese operate.
BEN KUMORDZI-MIAMI,FLORIDA-USA 11 years ago

MAHAMA SHOULD BE IMPEACHED OR OVER- THROWN AND KUFUOR SHOULD BE ARRESTED AND JAILED BUT HE AND KUFUOR HAVE SO CORRUPTED THE MILITARY THAT THE MILITARY ARE NOW TOO COMFORTABLE TO THINK OF COUPS EVEN WHEN THERE IS SO MUCH CORRU ...
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MAHAMA SHOULD BE IMPEACHED OR OVER- THROWN AND KUFUOR SHOULD BE ARRESTED AND JAILED BUT HE AND KUFUOR HAVE SO CORRUPTED THE MILITARY THAT THE MILITARY ARE NOW TOO COMFORTABLE TO THINK OF COUPS EVEN WHEN THERE IS SO MUCH CORRUPTION,SOCIAL,ECONOMIC,POLIT -ICAL AND JUDICIAL DEGRADATION. GHANAIANS ARE NO MORE CONFIDENT IN THE MILITARY SO ARE CALLING FOR A REVOLUTION.
Papa Yaw 11 years ago

How

How
Kofi 11 years ago

No, he is too stupid to understand this issue.

No, he is too stupid to understand this issue.
OBIBA 11 years ago

STUPID PRESIDENT

STUPID PRESIDENT
Sigmund Fraud 11 years ago

If Tony Lithur knows how to play the legal system as we have been made to believe then, the question is where was(is) he? This man has single-handedly sold merbank to fortis. Indeed he is being touted as the next big thing in ...
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If Tony Lithur knows how to play the legal system as we have been made to believe then, the question is where was(is) he? This man has single-handedly sold merbank to fortis. Indeed he is being touted as the next big thing in the legal profession. Therefore, it is unfathomable why he has not been hired to handle the case all this while or, is it the case that we likened Tony Lithur to Bukom Banku. They are all local champions, who employs scumbag tactics to win on the local scene.
Prince 11 years ago

WHAT DID THEY KNOW ABOUT GOVERNANCE? THIS 'MMEHAME' LED GOVERNMENT.

WHAT DID THEY KNOW ABOUT GOVERNANCE? THIS 'MMEHAME' LED GOVERNMENT.
MAHAMADU KONTOLI KOKU 11 years ago

YOU DONT NEED TO BE TOLD THAT DOGS AND GOATS IN THE NDC CAUSED THIS $3B LOAN MESS FOR WHICH WE ARE PAYING INTEREST. WE ONLY HAVE TO PLAN FOR MASS MURDER OF THESE GUYS NOW OR IN THE FUTURE. WE ONLY NEED TO BE PATIENT BUT WE TH ...
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YOU DONT NEED TO BE TOLD THAT DOGS AND GOATS IN THE NDC CAUSED THIS $3B LOAN MESS FOR WHICH WE ARE PAYING INTEREST. WE ONLY HAVE TO PLAN FOR MASS MURDER OF THESE GUYS NOW OR IN THE FUTURE. WE ONLY NEED TO BE PATIENT BUT WE THE YOUTH WILL DELIVER. THE ARMY WILL BE CHICKEN FEED. FIFTY FIFTY. THAT THE SLOGAN
SAM 11 years ago

NDC GOV DONT KNOW THEIR ASS FROM THEIR BOTTOM.

NDC GOV DONT KNOW THEIR ASS FROM THEIR BOTTOM.
Victor A, Young 11 years ago

This is unbelievable! How on earth can this happen to a developing nation like Ghana? And so all they China hype of South-South cooperation is just a fluke! I wonder who else in this world should we believe. And folks should ...
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This is unbelievable! How on earth can this happen to a developing nation like Ghana? And so all they China hype of South-South cooperation is just a fluke! I wonder who else in this world should we believe. And folks should just imagine how Chinese flocked our shores in search of gold, with some using weapons to harass and intimidate locals including our chiefs.

I'm beginning to imagine the kind of underground dealings in the mandatory US $30 million maintenance fees and who's having a cut in that whole payment structure. John Mahama and his NDC govt. doesn't know what they're doing and Ghanaians must vote them out, as I've always maintained in 2016. There's not jokes here; NDC govt. is hopeless and must be ousted now by the power of the people!

These are the people who couldn't produce their manifesto after holing an early congress, until NPP brought out their manifesto. The SADA and GYEEDA etc. are all NPP initiatives which was copied word by word, but just changed the title or headings. This the Ghana we're living in right now. John Mahama will however go out there using pro-NDC media to deceive Ghanaians. The story that we're reading is so shocking and something must be done.
KANE 11 years ago

THE INCOMPETENCE OF NDC WAS BROUGHT TO THE FORE EVEN UNDER ATTA-MILLS, AND IT CONTINUES TO THIS DAY.

KUFUOR CAME IN AND UNLEASHED HIS INCOMPETENCE AND DOWNRIGHT CORRUPT WAYS ON GHANAIANS, AND THE STATUS QUO CONTINUES TO TH ...
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THE INCOMPETENCE OF NDC WAS BROUGHT TO THE FORE EVEN UNDER ATTA-MILLS, AND IT CONTINUES TO THIS DAY.

KUFUOR CAME IN AND UNLEASHED HIS INCOMPETENCE AND DOWNRIGHT CORRUPT WAYS ON GHANAIANS, AND THE STATUS QUO CONTINUES TO THIS DAY, YET WE CONTINUE TO EXPECT "MANNA" FROM HEAVEN IN THE FORM OF CHINESE "SOFT" LOANS.

KWASIAFUOR KWA!!!

THE CHINESE ARE SHOWING THEY ARE NOT AS DUMB AS GHANA'S DUMB LEADERSHIP.

ALL ACROSS THE SURFACE OF PLANET EARTH, EVERY SANE PERSON KNOWS CHINESE, JAPANESE AND OTHER "WHITES" ARE DOWNRIGHT PARASITES WHO HAVE NO RESPECT WHATSOEVER FOR THE BLACK RACE, YET WE CONTINUE TO EXPECT THESE WHITE SUPREMACISTS TO DOLE OUT THEIR TAXPAYERS CASH TO US FOR A PITTANCE.

THAT WILL NEVER HAPPEN!!! THEY'LL EXPLOIT GHANA AND AFRICA "BIG TIME" FOR EVERY PENNY THEY GIVE US IN LOANS OR WHATEVER, AND THERE'S ABUNDANCE HISTORICAL EVIDENCE OF THIS.

INDEED, THAT'S WHY BLACK PEOPLE ALL ACROSS THE GLOBE ARE REGARDED AS RIDICULOUS CHIMPS AND APES WHO DO NOT HAVE THE MENTAL CAPACITY TO THINK AND DO RIGHT FOR THE SAKE OF THEMSELVES, OFFSPRINGS AND THEIR LEGACIES.
fredsaid 11 years ago

Has failed the country and ghanaians. At least with soldiers u expect a dictatorship. The ndc are worse than that. We know that if you don't cough up the money you have stolen from Ghana the firing squad awaits yu.
That sho ...
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Has failed the country and ghanaians. At least with soldiers u expect a dictatorship. The ndc are worse than that. We know that if you don't cough up the money you have stolen from Ghana the firing squad awaits yu.
That should knock some sense into the heads of the greedy bastards.
Ceeboy Dangerman 11 years ago

Educated fools with cash on their brains.

Educated fools with cash on their brains.
Bernard edem 11 years ago

This is a joke. If the Chinese have only given ghana such a small sum then it's partial performance. Abrogate the contract. Where is Antigua and other attorney generals?. This is bullshit. I just don't know when our leaders ...
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This is a joke. If the Chinese have only given ghana such a small sum then it's partial performance. Abrogate the contract. Where is Antigua and other attorney generals?. This is bullshit. I just don't know when our leaders will wake up. They behave like headless chickens?
john ansah 11 years ago

this a bad rejoinder because u can easily smell some mischief behind it, this has been written to discredit the government of the day!

this a bad rejoinder because u can easily smell some mischief behind it, this has been written to discredit the government of the day!
Onslopogas 11 years ago

Lol

Lol
GHANA IS FOR DONKOMI - MAHAMA 11 years ago

MAHAMA ADMINISTRATION WILL LEAVE A HUGE MESS FOR THE NEXT PRESIDENT. NDC IS BOUNCH OF FOOLS NOW THAN BEFORE . EWE AND NORTHERNERS ALONE CAN NOT LEAD THE COUNTRY TO THE SUCCESSFUL LAND . DON'T MESS WITH CHINA IF YOU ARE NOT S ...
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MAHAMA ADMINISTRATION WILL LEAVE A HUGE MESS FOR THE NEXT PRESIDENT. NDC IS BOUNCH OF FOOLS NOW THAN BEFORE . EWE AND NORTHERNERS ALONE CAN NOT LEAD THE COUNTRY TO THE SUCCESSFUL LAND . DON'T MESS WITH CHINA IF YOU ARE NOT SMART . NDC IS SELLING GHANA DONKOMI . WATCH THE DONKOMI VIDEO AND YOU WILL LOVE IT .
KWESI 11 years ago

WE NEED A FEW PEOPLE TO TRAVEL TO JAPAN.
ITS A NORMAL VISITING VISA SO IT DOES NOT INCLUDE JOB OR ACCOMMODATION.OUR JOB IS TO GET U OVER THERE SAFELY THEN U WILL HAVE TO TAKE CARE OF YOURSELF..
APPLICANTS WILL PAY GH 300 F ...
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WE NEED A FEW PEOPLE TO TRAVEL TO JAPAN.
ITS A NORMAL VISITING VISA SO IT DOES NOT INCLUDE JOB OR ACCOMMODATION.OUR JOB IS TO GET U OVER THERE SAFELY THEN U WILL HAVE TO TAKE CARE OF YOURSELF..
APPLICANTS WILL PAY GH 300 FOR START AND PAY THE REST WHEN VISA IS OUT IN 2 WEEKS TO A MONTH'S TIME.LIMITED SPACE AVAILABLE SO BE FAST IF U ARE INTERESTED.CALL 0574489337 FOR FURTHER INFO. THANKS
princewilly@ymail.com 11 years ago

A new Chinese Prostitute had just finished her first trick and when she came down the street, the seasoned Western Veterans gathered around to hear the details. She said, "Well, he was a big Ghanaian, muscular, handsome sailo ...
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A new Chinese Prostitute had just finished her first trick and when she came down the street, the seasoned Western Veterans gathered around to hear the details. She said, "Well, he was a big Ghanaian, muscular, handsome sailor." "Well, what did he want you to do?" they all asked. She said, "I told him AZONTO FUNGFU-style sex would be $100, but he didn't have that much. Then I told him oral sex would be $75, but he didn't have that much either. Finally I asked him how much money he had." The sailor said, "I have $25." So the hooker said, "Well, for $25, all I can do is service you by hand." The Prostitute went on the explain that, "he pulled it out and I put one hand on it, and then a second hand above the first, and then the first hand above the second hand..." "Oh my God," they all exclaimed, "It must have been huge, then what did you do?" "I loaned him $75!" she exclaimed.

THE GHANAIAN SAILOR COULD NOT GET INTO THE CHINESE PUSSY DESPITE HE HAD A LOAN OF 75 DOLLARS.
THE CHINESE WHORE HELD IT AND GAVE HIM ONLY A BLOW JOB.
THE PROSTITUTES FROM THE WEST AND THE CHINESE ARE THE SAME.
Pelicles 11 years ago

I have said many times that it is unthinkable to hand over the fate of a nation to truants. NDC is full of truants who are clueless about governance and that is why Ghana being mismanaged.

How do you pay $100 million dol ...
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I have said many times that it is unthinkable to hand over the fate of a nation to truants. NDC is full of truants who are clueless about governance and that is why Ghana being mismanaged.

How do you pay $100 million dollars on just $600 million loan? Does it make sense and where are the so-called "thinkers" in NDC? When the government was going for this loan, some section of the general public and the opposition warned them but did they listen?

We should wait for people like Asiedu Nketia, Omane Boamah and Okujeto Ablakwa to come out and spin the wheels to put the blame on the head NPP.
Don Blunt 11 years ago

Had NPP not lost elections, all this mess would have been spared us all.

Maybe we should be thankful for them to blame us

Had NPP not lost elections, all this mess would have been spared us all.

Maybe we should be thankful for them to blame us
fredsaid 11 years ago

This is what happens when the country is managed and run by propaganda lies damn lies and statistics to justify every evil action in Ghana. Even parliament and the ministry of justice can't be trusted to do the patriotic thi ...
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This is what happens when the country is managed and run by propaganda lies damn lies and statistics to justify every evil action in Ghana. Even parliament and the ministry of justice can't be trusted to do the patriotic thing for Ghana
Bunkums 11 years ago

Are there any Experts in Finance in Ghana? The Source should keep on dreaming. Suckers!!! ooooohhhhh!

Are there any Experts in Finance in Ghana? The Source should keep on dreaming. Suckers!!! ooooohhhhh!
Some day 11 years ago

Yes there are world class financial and legal experts in Ghana you have only to check Chambers Legal Directory on the internet, but none of them would wish to become involved with the dubious plans of this goverment. Neither ...
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Yes there are world class financial and legal experts in Ghana you have only to check Chambers Legal Directory on the internet, but none of them would wish to become involved with the dubious plans of this goverment. Neither would the goverment wish to hear their advise - it might not be what they want to hear!
That is why deals such as this one and the STX deal are cooked up "in house" by paid goverment officials (and don't forget the role that such so called legal"experts" such as Tsikata may have had in this deal) who are not financial, commercial and legal experts in global financial deals.
Alex 11 years ago

This non-performing government want cheap and inferior deals and would always go to the Chinese and Koreans because of 10 kick-back. Western world or USA will not tolerate that so Mahama will go to China. This clearly Lazy go ...
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This non-performing government want cheap and inferior deals and would always go to the Chinese and Koreans because of 10 kick-back. Western world or USA will not tolerate that so Mahama will go to China. This clearly Lazy governance. The Government can't use its head to create anything locally than to rely on borrowing from China? This is the same as STX spearheaded by this same corrupt Mahama. We are all dead with this Mahama as thief president. nonsense.
Some day 11 years ago

This article sets out in very clear terms the points I was making in response to another article on this site 2 days ago, including the amount I calculated that the goverment was paying in commitment fees.
This Chinese deal ...
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This article sets out in very clear terms the points I was making in response to another article on this site 2 days ago, including the amount I calculated that the goverment was paying in commitment fees.
This Chinese deal and the aborted STX deal demonstrate quite clearly that this NDC goverment, it's Ministers, officials, legal and financial advisers are financially and commercially illiterate, and of course the issue arises that they are also massively corrupt.
ADJEI 11 years ago

Not sure why a commitment fee should be payed annually. However I believe c-fee payment should be based on a pro rata basis. simple excel calc if the USD600M was disbursed in one year should result in Ghana paying only USD6.0 ...
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Not sure why a commitment fee should be payed annually. However I believe c-fee payment should be based on a pro rata basis. simple excel calc if the USD600M was disbursed in one year should result in Ghana paying only USD6.0M to the Chinese.
ADJEI 11 years ago

Not sure why a commitment fee should be payed annually. However I believe c-fee payment should be based on a pro rata basis. simple excel calc if the USD600M was disbursed in one year should result in Ghana paying only USD6.0 ...
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Not sure why a commitment fee should be payed annually. However I believe c-fee payment should be based on a pro rata basis. simple excel calc if the USD600M was disbursed in one year should result in Ghana paying only USD6.0M to the Chinese.
Some day 11 years ago

The commitment fee is based on the whole of the outstanding loan until the date it is finally disbursed so it will be an annual payment. You can check the definition of the fee on the internet.
The figure of $30,000,000 is c ...
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The commitment fee is based on the whole of the outstanding loan until the date it is finally disbursed so it will be an annual payment. You can check the definition of the fee on the internet.
The figure of $30,000,000 is calculated on the fee being 1% of the total loan, payable annually. This is why Mahama is now trying to get the loan finalised asap. Only now has the Goverment realised the full extent of it's commitment to this disastrous and financially ruinous deal.
TEE 11 years ago

NDC HAVE NO IDEA ABOUT THE ATTITUDE OR MENTALITY OF CHINESE PEOPLE. THEY ARE WISER THAN BLACK AFRICAN LEADERS. MAHAMA IS SO DUMM AND WHERE IS THE MONEY LOOT AND SHARE ADMINISTRATION PEPENI MAHAMA

NDC HAVE NO IDEA ABOUT THE ATTITUDE OR MENTALITY OF CHINESE PEOPLE. THEY ARE WISER THAN BLACK AFRICAN LEADERS. MAHAMA IS SO DUMM AND WHERE IS THE MONEY LOOT AND SHARE ADMINISTRATION PEPENI MAHAMA
YAKUBU 11 years ago

The toxic and lethal combination of corruption, ineptitude, incompetence, lawless and visionless leadership of the NDC gov't led by John Mahama and Amissah Arthur is at the very core of all the failures, difficulties and chal ...
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The toxic and lethal combination of corruption, ineptitude, incompetence, lawless and visionless leadership of the NDC gov't led by John Mahama and Amissah Arthur is at the very core of all the failures, difficulties and challenges which has become a part and parcel of the lives of Ghanaians from 2009 till present under the retrogressive leadership of John Mahama and Amissah Arthur. The attempt by this NDC apologist(Bature) and mouthpiece to suggest that by some arm twisting by the Chinese, Ghana has been duped is diplomatically a stinking gaffe, and an intellectually flawed argument.
Ghana led by the NDC gov't of John Mahama and Amissah Arthur together with the MOFEP and AG's office with their majority in parliament went into the negotiation of this loan and approved it unhindered, and on their own volition. The Chinese did not tie them, hook them or drag them to the table to first negotiate and secondly sign the agreement and approve it in parliament with their majority. The NDC gov't led by John Mahama and Amissah Arthur did this on their own volition based on their intelligence, which has been exposed to be extremely unintelligent on their part, to have entered into this kind of agreement, which from all indications is proving to be extremely inimical to our economy and also our socio-economic growth and development, which has been hinged on the availability of this loan.
Secondly, the opposition NPP, civil society organizations and think tanks notably IMANI raised issues about the facility, and the collateralization of our oil and the upfront fees, which they advanced arguments to support the fact that, it was not in the best interest of the country. The NDC party went ahead to sign the agreement flouting every law in the books with impunity, and so it is very strange that, the Mahama led gov't would want Ghanaians to be under the impression that, the Chinese are somehow responsible for the present situation.

"The New Patriotic Party (NPP) has raised issue with the $3 billion Chinese facility recently approved by Parliament, claiming that the loan violates the Petroleum Revenue Management Act and agreements signed between Ghana and the International Monetary Fund (IMF) and the World Bank.
According to the party, the consequences of the violations were dire and disgraceful for the nation and urged the government to take a second look at the loan agreement to avoid embarrassing the country.
Addressing the press at the NPP Headquarters in Accra, the party’s Spokesman on Finance and Economic Planning, Dr Anthony Akoto Osei, in a 14-point statement, said the tenure of the tranche A of the loan was 15 years and said it provided for the collateralisation of the nation’s oil revenue for the $1.5 billion segment of the loan for a period of 15 years.
That, he explained, violated Section 18(7) of the Petroleum Revenue Management Act, 2011, which states, “The annual Budget Funding may be used as collateral for debts and other liabilities of Government for a period of not more than ten (10) years after the commencement of this Act.”
He added that ironically, the loan approved by Parliament was an obvious breach of a law passed by Parliament less than a year ago and that “Parliament should have cautioned government on this infringement”.
Another issue raised by the NPP was the government’s recent agreement with the IMF and the World Bank which precluded Ghana from borrowing more than an $800-million non-concessional loan.
It was the considered opinion of the party that the Chinese loan of $3 billion infringed on such an agreement between Ghana and the World Bank and the IMF.
Dr Akoto wondered why the government’s economic management team, which agreed with the IMF, either glossed over the agreement or did not realize that such a conditionality existed, a situation which could cause the nation some fine or other consequence.
He expressed shock at the fact that the government and Parliament could “goof”, because in the master agreement, the Chinese had asked the Ghana government to undertake critical studies to ensure that the loan agreement did not violate any local or international law.
On the total cost of the programme, he noted that a proper tallying of the cost of the projects to be financed by the loan amounted to $3.25 billion, contrary to the fact that the loan itself was $3 billion for the listed projects.
Additionally, he said the government was required to provide a 15 per cent counterpart funding, which translated into $450 million, bringing the total resource available to $3.45 billion. Dr Akoto said from the permutation, there was going to be an excess funding of $200 million which was not accounted for anywhere in the loan documents.
“The Cabinet memo does not mention it and the majority side of the Finance Committee did not address itself to it in its haste to do the bidding of the Executive. So what will the $200 million be used for? Is it going to be a hidden booty?” he asked.
He stated that the Chinese requested that Ghana committed to sell them oil to offset the $3 billion loan, a deal which demanded that the Ghana National Petroleum Company must commit to sell oil to the Chinese off-takers.
“In all such a transaction, what commitment has been imposed on the Chinese?” he asked.
Dr Akoto accused the government of failing to undertake any proper feasibility, leading to its inability to provide any reasonable estimates, and cited an instance when it was stated in the contract that the coastal fishing harbours and landing sites project required between $150 million and $250 million, a gap of $100 million.
He said another example was the request for the Eastern Corridor Multi-Model Transportation Project which was projected to cost between $150 million and $500 million, giving a huge gap of $350 million.
Dr Osei said, it was clear that in computing the cost for all the 12 projects which amounted to the $3 billion, the government used the higher ceiling prices and wondered what would happen to the under-utilised component, assuming Ghana was able to execute the projects at the indicated floor prices.
He added that such a huge gap in the estimates could provide room for contractors to inflate the cost of the projects, since the government itself would not have done proper diligence.
The alternative, Dr Osei said, was for the government to save the oil revenue and use it to finance the projects and save the interest which would be paid to the Chinese bank".

Source: Daily Graphic

The NDC gov't has shown time and again that, they are not primed for the serious work of governance, do not believe in operating within the strict and manifest confines of the law and flout it with impunity and have demonstrated an unabashedly high level of unintelligence, incompetence, lawlessness, corruption and ineptitude, and the consequences are what Ghana is experiencing today. This obvious spin and propaganda is disrespectful and an affront to the intelligence of Ghanaians and a huge diplomatic gaffe.
anane 11 years ago

So from the Daily Graphic report, it is clear that the game4 is up: the NDC has illegally passed legislation to illegally put encumbrances on the financial administration of Ghana! And to retrace its steps it needs to rubbish ...
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So from the Daily Graphic report, it is clear that the game4 is up: the NDC has illegally passed legislation to illegally put encumbrances on the financial administration of Ghana! And to retrace its steps it needs to rubbish the Chinese? This is the most deisgraceful thing a Government or Party can do. Hiw can other Governments put any reliance on the intelligence of the Mahama Government and the NDC, if they don't know their own laws? Do they expect Chinese legal advisers to tell them what they can and cannot do under the laws of Ghana? God will punish Atuguba for imposing such an incompetent Government on Ghanaians.
Nii Hansen 11 years ago

You don't sign such large loans with your eyes close. Ghana Govt. should read the small prints carefully for future loans.

You don't sign such large loans with your eyes close. Ghana Govt. should read the small prints carefully for future loans.
Some day 11 years ago

The point is that even if they read the small print, they would not understand it - as I have said before they are financial, commercial and legal illiterates. Remember, when they came to power in 2008 some of them had to tak ...
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The point is that even if they read the small print, they would not understand it - as I have said before they are financial, commercial and legal illiterates. Remember, when they came to power in 2008 some of them had to take time off from their govermental duties to be schooled in their ministerial and official roles
SINO 11 years ago

WITH FIRE IT WILL BURN YOU. WE HAVE A TOTALLY MEDIOCRE POLITICAL CLASS AND THE VULTURE CHINESE ARE SHOWING US HOW STUPID WE ARE. THE WEST WILL NEVER DO THIS

WITH FIRE IT WILL BURN YOU. WE HAVE A TOTALLY MEDIOCRE POLITICAL CLASS AND THE VULTURE CHINESE ARE SHOWING US HOW STUPID WE ARE. THE WEST WILL NEVER DO THIS
BOLLEY 11 years ago

AND NDC ARSEHOLES. GOOD FOR GH

AND NDC ARSEHOLES. GOOD FOR GH
GHANA IS FOR DONKOMI - MAHAMA 11 years ago

NDC DO NEED MORE AKAN TO MOVE GHANA FORWARD . MAHAMA IS BEGGING TO THE CHINA MAN SU THIEF WU . TWO THEIVES

NDC DO NEED MORE AKAN TO MOVE GHANA FORWARD . MAHAMA IS BEGGING TO THE CHINA MAN SU THIEF WU . TWO THEIVES
abuzo 11 years ago

CHINA IS BRUTALLY TAKING ADVANTAGE OF GHANA ,RIPPING OFF GHANA WITH LOAN TERMS WHICH IS MUCH MORE BAD THEN THE MAFIA, CHINA 3 BILLION "LOAN" TO GHANA TURN OUT TO BE A MIRAGE AND THE BIGGEST FRAUD CASE EVER PEPETRATED AGAINST ...
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CHINA IS BRUTALLY TAKING ADVANTAGE OF GHANA ,RIPPING OFF GHANA WITH LOAN TERMS WHICH IS MUCH MORE BAD THEN THE MAFIA, CHINA 3 BILLION "LOAN" TO GHANA TURN OUT TO BE A MIRAGE AND THE BIGGEST FRAUD CASE EVER PEPETRATED AGAINST ANY COUNTRY IN THIS WORLD FOOLISH NDC PEOPLE MUST STEP DOWN IN SHAME FOR PUTTING GHANA IN SUCH BAD POSTITION
abuzo 11 years ago

CHINA IS VERY DANGER COUNTRY OF CROOKS THEY ARE RIPPING OFF GHANA
WHILE THE ALL WORLD WATCH AND SAY
HOW CAN GHANA BE SO STUPID TO TAKE SUCH A LOAN TERM THAT MAKE ZERO SENSE

CHINA IS VERY DANGER COUNTRY OF CROOKS THEY ARE RIPPING OFF GHANA
WHILE THE ALL WORLD WATCH AND SAY
HOW CAN GHANA BE SO STUPID TO TAKE SUCH A LOAN TERM THAT MAKE ZERO SENSE
KANAWU 11 years ago

So many people in their right minds have been very very suspicious of the Chinese incursion into AFRICA. We do not need these fools at all. See how they used the so called ZOOM LION COMPANY TO suck it to Ghana....look at our ...
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So many people in their right minds have been very very suspicious of the Chinese incursion into AFRICA. We do not need these fools at all. See how they used the so called ZOOM LION COMPANY TO suck it to Ghana....look at our mining areas......look at makola they fucky chines have audacity to flout our immigration laws and we sit as weaklings allowing them to destroy everything Ghana. Damn MILLS who went to sign that bogus loan deal. The Chinese used Mills to STAEL FROM GHANA. wat a fucky deal..we pay so much to the Chinese to receive very very little from them. oHH oman Ghana DAABEN DA KORAAAAAA?
Abba 11 years ago

THE SPIRIT OF JUNE 4TH 1979 REVOLUTION IS TOTALLY DEAD BECAUSE MAHAMA LED NDC HAS LOOTED THE COFFERS OF THE NATION. NOW IT IS OBVIOUS THAT THE BLOOD OF THOSE WHO WERE EXECUTED ARE INNOCENT.

THE SPIRIT OF JUNE 4TH 1979 REVOLUTION IS TOTALLY DEAD BECAUSE MAHAMA LED NDC HAS LOOTED THE COFFERS OF THE NATION. NOW IT IS OBVIOUS THAT THE BLOOD OF THOSE WHO WERE EXECUTED ARE INNOCENT.
Abba 11 years ago

EVEN THE OIL DESCOVERY HAS BEEN THE PERSONAL PROPERTY OF NDC CRIMINALS.

EVEN THE OIL DESCOVERY HAS BEEN THE PERSONAL PROPERTY OF NDC CRIMINALS.
still living 11 years ago

kk you are premitive

kk you are premitive
JH New York 11 years ago

One do not need to be an expert in economic
or ,to have a degree in the subject to know that the CDB negotiators lacks tactics and strategies(skills).I'm amazed they committed the Country without even knowing it.
Does w ...
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One do not need to be an expert in economic
or ,to have a degree in the subject to know that the CDB negotiators lacks tactics and strategies(skills).I'm amazed they committed the Country without even knowing it.
Does what they signed make Sense to them !.
Not any simple Common Sense approach was exhibited in the negotiations.
The negotiators should Showdown their heads in Shame(lack of Common Sense) !.
Academic Degrees without Common Sense
Could be dangerous to Society.
Otsibu Darko 11 years ago

The Ghana Govt. should take this case to the World Court, China cannot disburse $600m out of $3b and ask the Ghana govt to pay full interest on the whole amount; and this should be a lesson to the present and future govt whe ...
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The Ghana Govt. should take this case to the World Court, China cannot disburse $600m out of $3b and ask the Ghana govt to pay full interest on the whole amount; and this should be a lesson to the present and future govt when negotiating for loans; alternatively the govt should refuse paying the interest until the whole amount is disbursed for the intended purposes for which it was negotiated. I do not think the Chinese Govt would take kindly for illegal foreigners to exploit their natural resources with impunity and to look on unconcerned. Finally the Ghana Govt should note that the Chinese Govt and its citizens are all crooks and corrupt. beware and becareful in your dealings with them!

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US$3bn CDB Loan: Ghana duped!

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